Pension Query

R

ramdasp

Guest
Hi,

If I opt for my company pension scheme and I decide to leave the country after a couple of years and go back to my home country (India) will I be able to transfer my pension amount to another pension account in India or take it as a draft (minus relevant taxes) back home.

Thanks in advance.

Best Regards

Ramdas
 
Hi Ram


AFAIK - If you leave the job within 2 years - your contributioins will be refunded less the standard rate of tax. (If you normaly pay higher rate tax - you are obviouslt 'quids in' here).

If you leave after 2 years - you can either (1) leave the pension in Ireland and you will then receive a pension or annuity when you reach retirement age or (2) transfer the value of the pension fund to an approved Pension fund in India or anywhere else. 'Approved' is the key word here as I am not sure how many (if any) Indian pension schemes would be approved by your pension fund managers in Ireland.

All if these schemes vary from employer to employer but the HR depatment or Pension Fund Managenment company should be able to answer specific questions for you.

Good Luck with it..........

Cheers
Dicey
 
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